ETFs
Bitcoin (BTC) ETF Traders Buy the Dip in Largest Purchases Since BTC Traded at $70,000
Spotting Bitcoin (BTC) Exchange-traded funds (ETFs) saw nearly $300 million in net inflows on Monday, marking their highest buying activity since early June, when the cryptocurrency traded above $70,000.
SoSoValue Data The results show that market leader BlackRock’s IBIT led the buying activity with nearly $180 million in net inflows, followed by Fidelity’s FBTC. Grayscale’s GBTC, infamous for its outflows, saw over $25 million in purchases.
ETFs offered by Invesco, Franklin Templeton, Valkyrie, WisdomTree and Hashdex showed no inflow or outflow activity.
The strong inflows come as bitcoin faces significant selling pressure from a variety of sources, such as refunds related to defunct cryptocurrency exchange Mt. Gox and a German government entity that moved hundreds of millions of BTC to exchanges over the past month.
So some investors may view the selling pressure as a buying opportunity, investment firm CoinShares said in a report Monday.
“Digital asset investment products saw inflows totaling $441 million, with recent price weakness driven by Mt Gox and selling pressure from the German government likely viewed as a buying opportunity,” CoinShares said. “However, exchange-traded product (ETP) volumes remained relatively low at $7.9 billion for the week, reflecting the typical seasonal trend of lower volumes during the summer months.”